Virginia SB 94: Commonwealth's taxation system; conformity with the Internal Revenue Code, Rebuild Va. grants, etc.

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Bill Tracking - 2022 session > Legislation 

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2022 SESSION

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CHAPTER 19 

An Act to amend and reenact �� 58.1-301, 58.1-322.02, 
58.1-322.03, and 58.1-402 of the Code of Virginia, relating to conformity of Commonwealth's 
taxation system with Internal Revenue Code; Rebuild Virginia grants and 
Paycheck Protection Program loans; emergency. 

[S 94] 

Approved March 9, 2022 

Be it enacted by the General Assembly of Virginia:

1. That �� 58.1-301, 58.1-322.02, 58.1-322.03, and 58.1-402 
of the Code of Virginia are amended and reenacted as follows:

� 58.1-301. Conformity to Internal Revenue Code.

A. Any term used in this chapter shall have the same meaning 
as when used in a comparable context in the laws of the United States relating 
to federal income taxes, unless a different meaning is clearly required.

B. Any reference in this chapter to the laws of the United 
States relating to federal income taxes shall mean the provisions of the 
Internal Revenue Code of 1954, and amendments thereto, and other provisions of 
the laws of the United States relating to federal income taxes, as they existed 
on December 31, 2020 2021, except for:

1. The special depreciation allowance for certain property 
provided for under �� 168(k), 168(l), 168(m), 1400L, and 1400N of the Internal 
Revenue Code;

2. The carry-back of certain net operating losses for five 
years under � 172(b)(1)(H) of the Internal Revenue Code;

3. The original issue discount on applicable high yield 
discount obligations under � 163(e)(5)(F) of the Internal Revenue Code;

4. The deferral of certain income under � 108(i) of the 
Internal Revenue Code. For Virginia income tax purposes, income from the 
discharge of indebtedness in connection with the reacquisition of an 
"applicable debt instrument" (as defined under � 108(i) of the 
Internal Revenue Code) reacquired in the taxable year shall be fully included 
in the taxpayer's Virginia taxable income for the taxable year, unless the 
taxpayer elects to include such income in the taxpayer's Virginia taxable 
income ratably over a three-taxable-year period beginning with taxable year 
2009 for transactions completed in taxable year 2009, or over a 
three-taxable-year period beginning with taxable year 2010 for transactions 
completed in taxable year 2010 on or before April 21, 2010. For purposes of 
such election, all other provisions of � 108(i) of the Internal Revenue Code 
shall apply mutatis mutandis. No other deferral shall be allowed for income 
from the discharge of indebtedness in connection with the reacquisition of an 
"applicable debt instrument";

5. For taxable years beginning on and after January 1, 2019, 
the suspension of the overall limitation on itemized deductions under � 68(f) 
of the Internal Revenue Code;

6. For taxable year